The Inverness Property Market is set for a Healthy 2015
CKD Galbraith believes the outlook is optimistic for 2015 following a successful year in 2014; with encouraging levels of activity in the property market throughout Scotland and a return to competitive bidding.
The fourth quarter of 2014 (October – December) saw property viewings and sales figures in the Highlands continue to grow during the final quarter of 2014 according to new research conducted by the firm’s Inverness office. Despite the slowdown during the referendum the market bounced back in November and confidence returned along with English and international buyers.
CKD Galbraith’s Inverness statistics from the fourth quarter of 2014 show:-
- Sales have increased by 33% compared to the third quarter of 2014 and have increased by a staggering 42% since the same quarter the previous year
- Viewings figures have also more than doubled compared to figures from the same period in 2013
- Buyers registering with the firm has also risen two-fold since the end of 2013
- The Highlands remain a highly desirable area, attracting buyers from across the UK; 65% of buyers were national whilst the remaining 35% were local
Phiddy Robertson, head of residential sales at CKD Galbraith’s Inverness office, said:
“Property sales in the Highlands have increased dramatically in comparison to the same quarter of the previous year. Although we didn’t witness too much hesitancy from vendors around the time of the Scottish referendum, high buyer interest during the third quarter translated into activity and transactions during the final quarter of 2014.
“We are quietly confident that the picture will continue to improve across the Highlands during the first quarter of this year. Sales at the higher end of the market especially have increased over the past four months, a reflection perhaps of the market’s awareness of the stamp duty changes occurring from 1st April.
“Although we don’t foresee the activity in Inverness slowing down anytime soon, it is expected that some hesitancy will occur around the time of the general election in May. Otherwise it’s a very positive forecast for 2015 with the Highland’s market off to a healthy start!”
CKD Galbraith’s Inverness lettings department has also experienced a positive fourth quarter.
Flora Badger, head of lettings for the Highlands, said: “It was another busy quarter for our lettings team in Inverness with the number of successful lets up by 50% compared to the third quarter and by 13% against the same period in 2013. There has been ongoing demand in the region for smaller properties as young professionals flock to the region and Inverness city for jobs, the city’s attractions and the countless outdoor activities available.”
CKD Galbraith operates a network of regional offices located throughout the country and has enjoyed good growth over the last year. The firm as a whole experienced a 24% increase in the number of sales in the final quarter of 2014 compared to the third quarter. As well as the improvement in sales figures, there was also a 23% increase in the number of viewings against 2013’s figures for the final quarter.
Throughout 2014, CKD Galbraith handled property in excess of £375million covering property throughout the whole of Scotland. Prices achieved for all properties sold by the firm during 2014 were, on average 1.54% over the asking price, highlighting the firm’s unrivalled local knowledge of the market and expertise in setting prudent valuations.